[ad_1]
BBVA and the European Investment Bank (EIB) group signed a synthetic bonding of € 1 billion on blockchain.
The agreement is the first of its kind in the European Union and the third synthetic loan loan signed by the EIB and BBVA.
The DLT platform developed by BBVA was used to negotiate this agreement, from the origin to the signature and also guarantees "traceability and immutability", thus making the documentation process "safer and more transparent".
All negotiation was recorded on the private blocklink Hyperledger, while a hash or a unique identifier of the signed agreement was recorded on the public blockchain Ethereum (testnet).
BBVA and the EIB Group will also provide € 360 million to finance investment projects for Spanish SMEs and midcaps, for which the EIB Group, consisting of the European Investment Bank and the European Investment Fund (EIF), has granted to BBVA a synthetic guarantee of 60 million euro.
The agreement received support from the European Fund for Strategic Investments (EFSI). BBVA states that the support of the EFSI increases the ability of the EIB Group to finance investment projects with a higher risk profile.
In November 2017, the EIB and BBVA allocated € 300 million to finance the digitization of small Spanish companies; in June 2016 they launched a € 600 million line of credit; and in 2015 they approved a € 1 billion credit line to help SMEs.
This synthetic development is another chapter of BBVA blockchain progress.
Last week, BBVA and Porsche Holding Salzburg closed the "first" forward acquisition loan using technology.
Previously, BBVA and Santander were involved in the planned launch of the European Commission for the International Association for Reliable Blockchain (IATBA) next year.
In addition, BBVA delivered the first syndicated loan on technology; and joined a pilot test to improve the issuance of warrants.
[ad_2]Source link
